American Sterling Stake Acquired
A New York investment firm will acquire a majority interest in American Sterling Insurance Agency, the nation’s largest provider of hazard insurance outsourcing services to the mortgage market.
Terms of the purchase by Zurich Centre Investment Ltd. weren’t disclosed.
Zurich Centre, a private investment arm of the Zurich Group in Zurich, Switzerland, said it will merge the agency with its own subsidiary and rename the combined unit ZC Sterling Corp.
American Sterling Insurance is a wholly owned subsidiary of American Sterling Corp., which will continue to hold a “significant equity interest” in the merged company.
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